Mortgage Rates Move Higher
McLEAN, Va. - (12/09/05) -- Long-term mortgage rates climbedhigher this week, after falling the previous two weeks, accordingto Freddie Mac. The average for the 30-year, fixed-rate mortgageincreased to 6.32% this week, from 6.26% last week; while theaverage for the 15-year, fixed-rate loan rose to 5.87%, from 5.81%.ARM rates held steady, with the average for the one-year ARMremaining unchanged at 5.16%, and the average for the five-year ARMinching up slightly to 5.78%, from 5.76% last week. Frank Nothaft,chief economist at Freddie Mac, said even with the recentincreases, 30-year mortgages, by far the most popular mortgagetype, so far this year have remained close to the averages set inthe past two years. "These low rates helped the housing market setrecords for home sales and new construction over the past threeyears,'' he said. "Looking ahead, as mortgages rates rise, housingactivity will ease somewhat.''